Following a meeting between the French Budget Minister, Eric Woerth and Singaporean Finance Minister, Tharman Shanmugaratnam, it was announced that the two sides intend, later this year, to update the Double Taxation Agreement (DTA) between them to contain tax information exchange provisions.
This follows Singapore's inclusion earlier this year on a new list compiled by the Organisation for Economic Cooperation and Development (OECD) of countries deemed to have inadequate tax information exchange arrangements in place with other countries.
According to Woerth, the updated agreement will make especial provision for the rooting out of those thought to be ducking their tax liabilities by the use of undeclared bank accounts in the other country.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
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